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Chinese 1000 Billionaires: Do Not Have Higher Education Degrees

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2000 Chinese billionaires were analyzed in a report published by Hurun Research Institute. The report says half of the 2000 billionaires did not purse higher education degree in their career.

The annual Hurun University of Life Rich List 2017, released on Tuesday, shows that almost 1000 of 2,000 Chinese entrepreneurs with assets of minimum 2 billion yuan  which is around $300 million dollars have no degree. Rupert Hoogewerf, chief researcher of the institute, said “these people might not succeed in accordance with current social standards; however, they have created great enterprises, which taught me that a hero may rise from nowhere.”

The report listed the top 100 heroes, with Zong Qinghou, chairman of Wahaha Group, one of China’s biggest beverage producers, ranking first.

According to the Research institute Hurun, Zong, 72, from East China’s Jiangsu Province, ranked No.41 in the Hurun Global Rich List 2016 and No.5 in the China Rich List 2016 with his wealth of $19 billion. Zong ranked No.1 in the China Rich List in 2012 with wealth of $12.6 billion.

The report said that Zong started work after graduating from middle school and established Wahaha beverage factory in 1988. Over the past 20 years, he built up his drinks empire and is a deputy of the National People’s Congress.

Moreover, on the list Chinese tech entrepreneur Jia Yueting, chairman of LeEco, who was born in 1973 in North China’s Shanxi Province and became an Internet worker after graduating from a vocational school, and SOHO China Chairman Pan Shiyi, a property tycoon, who was born in 1963 and graduated from a vocational school.

Compared with those who obtained a  degree, the average wealth of the top 100 entrepreneurs without a prominent education background is 24.9 billion yuan, 9.6 billion yuan less than those who went on to further education.

Report further states that the average age of the latter is six years older than the former with eight entrepreneurs over 70. However, only one of the top 100 “well-educated” entrepreneurs is over 70. “The heroic entrepreneurs are older and deeply affected by the Cultural Revolution (1966-76),” Hoogewerf said.

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who did not have higher education are in the manufacturing sector mostly, with fewer in the financial or IT industries. Precisely, 24 % work in real estate and 19 % in manufacturing, while 24 % of the top 100 entrepreneurs with higher education degrees are in finance and investment and 15 % work in IT.

Hoogewerf said the first post-Cultural Revolution generation of billionaires value integrity, hard work and pragmatism, while the younger generations focus more on innovation and talent.

Why People Without Degrees Are More Successful Than Degree Holders?

The research limpidly shows that people who are less educated are richer than educated ones, they have attained much higher growth than topers. The real crux lies in the time, experience and energy. Time is money, young people have more energy, experience is one of the most important factor in growth.

By the time university graduates get to their convocation they become less energetic, more theoretic , aged and having zero experience in the business world.

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Via: Global times Image via: Xpat nation

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